The Bitcoin Mining company Riot Platforms (NASDAQ:RIOT) announced on Friday the acquisition of 5,117 Bitcoin (CRYPTO: BTC) for $510 million.
The purchase, financed with the net proceeds of the company’s convertible bonds for $525 million and with a coupon of 0.75%, was made at an average price of $99,669 per Bitcoin, including taxes and expenses.
This recently announced private offering, which matures in 2030 at 0.75% interest, is intended to support new Bitcoin purchases and general corporate initiatives.
After deducting expenses, the offering generated approximately $511.5 million in net proceeds.
The offering includes terms permitting conversion into common shares beginning in 2029, with provisions for early conversion in certain circumstances.
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Additionally, the company recently acquired 705 Bitcoin for $68.45 million.
This strategic acquisition increases Riot’s total Bitcoin holdings to 16,728 BTC, which is now worth approximately $1.68 billion, based on Bitcoin’s current market price of $100,303.
The company has cemented its position as one of the largest institutional holders of Bitcoin in the mining sector.
Riot’s latest acquisition underscores its aggressive accumulation strategy amid a volatile market.
The data of Arkham Intelligence reveal that Riot now owns 12,198 Bitcoin valued at approximately $1.2 billion, making it the second-largest holder of Bitcoin among publicly traded mining companies.
Marathon Digital (NASDAQ:MARA) continues to lead the sector, with more than 40,000 Bitcoin in its reserves, according to data from Bitbo.
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